ring valuations

 It's a prevalent misperception that a piece of jewellery may be valued in a uniform manner.

There are many reasons why you would want your jewellery item valued, and you might not be aware that getting a professional appraisal on your jewellery is a paid service. In this blog, we dissect the many valuation requests we receive and explain what you get for your money.

AMOUNT VALUED FOR INSURANCE

The safest approach to safeguard your priceless jewellery from loss or theft is to insure it. Nowadays, the majority of insurers want a formal value from an Institute Registered Valuer (IRV), who will examine the item and produce a thorough record so that your insurance provider understands precisely how to make good on your loss. In the case of a claim, you will also need to demonstrate the existence of the objects, and a formal valuation document will do so in addition to listing the appropriate replacement values as of the inspection date.

PROBATE VALUE ESTIMATION

Getting a value is also necessary for probate. The executor of the will of a loved one who has passed away must get any jewellery that individual possessed appraised. This is most likely done so that HMRC can determine their estate's worth and prepare an inheritance tax assessment. Because the probate valuation will be determining what price the item may fetch if it were sold at an auction, the trade, or to a willing buyer in the present market, it differs significantly from an insurance replacement value.

DOES A VALUATION COST MONEY?

Yes. A proper jewellery appraisal includes far more information than just the item's description and price. Before doing research to discover the item's value, the registered valuer would examine the object to ascertain its precise nature. After that, they will create a thorough paper for you.

The procedure of becoming a registered valuer is similarly protracted. The valuer must have at least five years of experience in the jewellery industry, a gemmological degree from a recognised university, certification in diamond grading, and completion of the NAJ's Foundations of Appraisal Practice curriculum. It takes years of training and passing a number of tests to complete this procedure. Valuers have specialised equipment to analyse stones and metals, and they also need to keep their knowledge and abilities current when new technologies and stone treatments emerge.

Therefore, valuation fees account for the time the valuer spent learning about the object as well as their expertise.

HOW DO I SELL THE ITEM IF I WANT TO?

We are frequently asked to appraise jewellery pieces because the owner wants to sell them and wants to know whether we would be interested in buying them for our used collection over the counter. Of course, unless you needed a thorough evaluation from a registered valuer in order to sell the item elsewhere, this is not a service that would be costly.

We would evaluate the item based on whether we think we would be able to sell it, which is somewhat different from a formal appraisal with a registered valuer. A price we would propose would be more comparable to a trade price than an insurance assessment, which would be based on full like-for-like replacement. We would make you an offer if we believe it is something that can be sold based on the purchasing patterns we observe from our clients.

DO YOU PURCHASE GOLD?

For gold objects, we also provide scrap values. We would give you a scrap price for the gold if we didn't think we could sell the piece of jewellery in our second-hand collection. Due to the recent higher trend in gold prices (August 2021) you may be willing to accept a scrap value for the gold.

WHAT IS GATWARDS' VALUATION PROCESS?

An Institute of Registered Valuers (IVR) valuer with more than 20 years of expertise in the jewellery sector works with Gatwards. These are their qualifications, which include a long array of letters following their names:

DGA, F.I.R.V. 96916

The P.J. (Gem.) Dip.

B.A. (hons) (hons.)

Design of Jewelry, F.N.A.J.

Member of the Institute of Registered Valuers and the UK Gemmological Association

CPAA Pearl Expert

They conduct all valuations on-site and come to our shop twice a month.

In the event that you decide to arrange for a piece or items of jewellery to be appraised, they will be kept safe in our vault until the valuer comes to assess them in person. Once the appraisal has been completed, you would be able to pick them up from us, and the value report will follow.

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